Pegasystems (NASDAQ: PEGA) reported Q1 EPS of $0.24, $0.07 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $253.18 million versus the consensus estimate of $231.75 million.

"We're pleased to see our clients embracing our strategic shift to more recurring arrangements," said Alan Trefler, founder and CEO, Pegasystems. "We have a unique offering for customer engagement and digital process automation that has tremendous potential. We continue to be very positive about how our software is being adopted and our long-term growth opportunities."

"We are excited to see our term and cloud ACV grow 22 percent, year over year, driving total ACV of nearly $500 million,\ said Ken Stillwell, CFO, Pegasystems. "We have discussed the importance of ACV as our most relevant performance metric of the growth and predictability of the future cash flow of our business, especially under the new revenue standard."

For earnings history and earnings-related data on Pegasystems (PEGA) click here.